FT News Briefing Spac mania, Apollo’s Leon Black steps down, what’s fuelling the Russia protests
Jan 26, 2021
In a whirlwind start to 2021, companies raised a staggering $400 billion, driven by low interest rates and the rise of SPACs. Leon Black's resignation from Apollo Global Management, sparked by his ties to Jeffrey Epstein, raises eyebrows in the financial world. Meanwhile, protests in Russia following Alexei Navalny's arrest reflect growing public discontent with corruption. Lastly, the struggles of Zoom with Chinese authorities serve as a cautionary tale for multinationals navigating complex international waters.
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2021 Fundraising Blitz
- Companies raised $400B in debt and equity in early 2021, exceeding the average by $170B.
- Low interest rates, high stock prices, and SPACs fueled this fundraising frenzy.
Leon Black Steps Down
- Leon Black, Apollo Global Management's CEO, retired after a review of his ties to Jeffrey Epstein.
- Despite this, he remained as Apollo's chairman.
Russian Protests
- Protests erupted across Russia following Alexei Navalny's arrest, fueled by anger over corruption and Putin.
- These protests, distinct in scale and anger, were triggered by Navalny's arrest and a video exposing Putin's alleged opulent mansion.